West Bengal Finance Minister Swapan Dasgupta on Wednesday, 24 June said the Bharatiya Janata Party (BJP) government inherited an 'abnormal state' saddled with a ₹8 lakh crore debt from the previous All India Trinamool Congress (TMC) regime, and is now working to transform West Bengal into an 'aggressively market economy.' Speaking after the presentation of the state Budget 2026-27 — the BJP's first in the state — Dasgupta outlined a sweeping reform agenda spanning debt management, industrial revival, infrastructure, and governance.

The Debt Burden and Revenue Strategy

Dasgupta acknowledged the scale of the fiscal challenge, describing the inherited debt as 'hideously large.' He said the government is pursuing two parallel strategies to address it. The first involves unlocking Central government schemes that West Bengal had, according to him, largely bypassed for the past decade or more. He credited Union Finance Minister Nirmala Sitharaman with flagging several such schemes that even state officials were reportedly unaware of, calling it a 'big bonanza.'

The second lever is increased compliance. Chief Minister Suvendu Adhikari, he noted, had highlighted an 'exponential growth' in revenue from sand and stone quarries in Birbhum district — a sector he described as having been subject to systematic evasion, with royalties going largely unpaid. The government is deploying detection technologies to plug these leakages, though Dasgupta conceded it 'will take some time.'

Industrial Revival: Reversing the Singur Syndrome

Dasgupta pointed to the fallout from the Singur land acquisition controversy as a watershed moment that eroded investor confidence in the state. He said the new government is working to reverse that perception, describing it as a 'business-friendly government' racing against time after what he called '50 lost years.'

A new industrial policy is being fast-tracked. The government has also announced a review of the Urban Land (Ceiling and Regulation) Act, 1976, which Dasgupta called 'an archaic relic of the old socialist days' that restricts land availability for projects. He said industrial land currently being used for commercial construction such as shopping malls should be redirected toward manufacturing.

Notably, Dasgupta said multiple companies have reached out privately — to both himself and the Chief Minister — expressing interest in investing. However, he indicated the government would consolidate its groundwork before hosting any formal investor summit, adding that the Bengal Global Business Summit 'had turned into a joke' and is 'not a priority' at this stage.

Infrastructure: Freight Corridor and Ports

On infrastructure, Dasgupta said the government is committed to completing the freight corridor from Ludhiana to Dankuni — a project he said the previous administration had stalled by withholding permission. Port development, he acknowledged, is a longer-term undertaking requiring significant investment.

Key Policy Moves: 24x7 Shops, Liquor Regulation, Midday Meals

Among the Budget's headline measures, the government has announced that shops and merchant establishments will be permitted to operate on a 24x7 basis — a move Dasgupta said will boost both revenue and employment, and make 'Kolkata a very different city.'

On liquor, he said the sector had become a 'social problem,' with outlets in residential areas and open-air drinking, and that the government aims to reduce over-dependence on liquor revenue.

Regarding the controversy over ISKCON implementing the midday meal scheme — with a menu that excludes eggs — Dasgupta said the issue is 'sensitive' but manageable, noting that ISKCON could adjust its menu to suit local tastes. He clarified that existing 'Maa kitchens' continue to serve eggs and fish, and that the government is 'not promoting vegetarianism.'

The Road Ahead

Dasgupta framed the Budget as a 'political intervention to restore confidence' — both among residents and outside investors. He said the government is 'taking risks and becoming audacious,' and acknowledged the weight of public expectation: 'Everyone is looking at us; we can't fail.' West Bengal's economic trajectory in the coming months will be the first real test of whether the BJP's reform rhetoric translates into measurable outcomes.